Legal Question in Credit and Debt Law in India

Credit Societys Unsecured Loan Recovery

Respected Sir,

I am a secratory of a credit society. we have issued some unsecured loan. But a few people are not paying back at all. while issuing the loan we had a proper loan form filled up by them with two gaurentors & a 100 Rs bond duly signed. Can we take any legal action against them


Asked on 12/11/07, 12:21 am

3 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Credit Societys Unsecured Loan Recovery

Of course yes. You can recover the amount by civil and criminal action.

Please contact personally alongwith the documents as they need to be examined.

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Answered on 12/11/07, 11:57 pm
G. M. Gupta gmguptaandassociates

Re: Credit Societys Unsecured Loan Recovery

there must be arbitration clause... use it

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Answered on 12/12/07, 1:15 pm

Re: Credit Societys Unsecured Loan Recovery

yes,you can get the amount recovered.Contact with details.Professional charges are applicable.

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Answered on 12/11/07, 11:20 am


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